It's a very good question. I don't know whether my story illuminates the issue at all because I have taken early retirement.


In late October 2004, I was looking through my in tray after a couple of days away from the office. The first item was a circular to all home office staff outlining revised pension arrangements. The first point was a proposal to raise the retirement age to 65 in line with standard procedure in the Private Sector. Secondly, whilst the pension would remain index linked, it would no longer be based on final salary. Fortunately for me these arrangements were to apply to new staff and those who under, I think, 45. I think these arrangements have since been modified so that they apply to new staff only


Ironically, the next item I looked at was an email inviting applications from all staff in certain areas over the age of 55 to apply for early retirement to assist with downsizing certain areas especially so called back office locations. The deal was you left with a pension payable immediately although not a full pension. It would be based on the service you had done. In my case this meant a pension about 10% less than I would have achieved.


I hadn't been happy in my particular post for some time so I felt this was an opportunity to good to miss.


We downsized as we still had a large mortgage. In fact we had remortgaged to put the kids through University and to carry out much needed repairs to our rather tired 1960s house.


We now live in a little mews (terraced we used to call them) property on a modern development. We are a tad older than the average round here but I have been struck by the number of people of around my age who have no visible means of support as it were. They come from a variety of backgrounds.


Organisations of all types will find it convenient or expedient to offer early retirement especially when they are looking to lose staff. Some-one I know was working for a large chemical company and he told me he had been "ventilated." A down sizing operation was going on and this was blocking advancement opportunities for promising junior staff. He, like me, was in a middle management position and had probably gone as far as he was likely to go.


Have a look round your local superstore. We were in a large M & S the other day and my wife said look at how many middle aged guys were working as shelf stackers, till staff and even in the coffee shop. I work part time for a local estate agent mostly delivering junk mail. On my rounds I see blokes like me delivering free newspapers or other junk mail.


Finally, and I know I have gone on a bit, I used to do a fair bit of recruitment work in my last job. I lost count of the number of fairly senior staff from a whole range of organisations who were applying for pretty menial jobs in the civil service.


The official retirement age is rising but firms will always want to get rid of dead wood or to downsize. I fell into both categories but at least i had a choice and a decent pension so I count my blessings.


Hope that goes some way to explaining the gap between political rhetoric and reality.

I did but found that trying to keep or get a job with my skills are becoming less. If you had a massive pension and lump sum you maybe OK.

It can be a mistake retiring early, whether its goverment based work, I remember having come out of RAF after 9 years, found the then labour government decide dto offer golden handshakes to people with experience and skills, but now labour are either more interested in self than people that put them there, Its not a government running the country it a load of pansies

Just think you have 16-25 year olds who do not want a job, but know how to get money for nothing, saying they have illnesses when fit to get incapacity benefits, just tell there doctor things and get all advice on what they can claim, yet people who have workd 40 plus years are treated less fortunate, maybe Blair and his namcy boys better get there act together or visions they have may not happen

Gordon,

I agree at most intreveiws I have had since early retirement, most people are either inexperienced at giving them, some I have had to stand up, and inone case a cleaning job with Honda F1 which never happened the person who I was supposed have seen for the contractors did not hav e5 minutes for me.Ill mannered and no experience, they seem to forget up to a point you are a customer, and you are judging them as much as they seem to judge you.

It seems the way the country is going, sinking fast, Blair is still having party in number 10 with his stars, and seems to forget what reality is.

Maybe when he gets his lordship in this years queens birthday honours and george bush becomes an honoury sir will he be happy, but he can retire as an MP with a pension of £150000 per year, plus all the other added on ones.

Mick

I took early retirement at 50 with a pretty good pension and a husband still in full time employment. A salary was not necessary for me and I was able to work for 7 years, 3 days a week as a volunteer for a large charity. I got such tremendous job satisfaction that if my circumstances should alter, then I would certainly go back and continue working until I can no longer do so.

What early retirement, maybe nice, but you stil if not working to get those essential NI credits for your state pension.

And even with a early retirement, up to 60, those NI contributions count.

You may not qulify for any Job seekers allowance or incapicity benefits because of your pension, because yor pension is greater thaan the £54 the others get, you if savings are low and below £6000 in total including that taxable pension get housing and council tax benefit.

Thse are the lows of early reirement, when I took yes got a little JSA £4.50p a week, although having taken jobs where there are high staff turnovers, a chicken factory, with migrant workers galore, and Tesco, which have a high turnover of staff, and try to under cut others with prices.

Mick

I agree with you Merlina. I would say, however, it does depend on your attitude to your job. If you are doing something you love, why not carry on? The problem is, that for most of us, work is something we do to live and not the other way round. Reflecting on my time at work, it was the last 2 years that got me down so when the offer came I needed little persuading. I am fortunate enough, though, to have some fond memories of work and some very good friends from my working life who I still see regularly.


It wasn't all bad but I wouldn't go back!

I agree with Merlina...I took early retirement three years ago to rid myself of the stress and pressures of work and have never looked back. Financially I was lucky as my husband was still working and he continued to pay my NI stamp for me and I also have a Company Pension so it has worked well for me.

Hi Folks,
Speaking personally, there were two reasons at the time as to why I took early retirement years ago; one was that we were made an offer we couldn't (sensibly) refuse of index linked final salary pensions with service enhancement. The second reason though was the clincher; as a college lecturer, I had entered the profession years before naively believing that I could help young people develop their careers.

Sadly, as the years went by, it became ever more apparent that the paperwork and administration became much more important than the teaching, so I called it quits, and have since developed a fascinating new career as a careers advisor, meeting all sorts of fascinating people in practically every situation under the sun.

Once again, sadly, because of the way that the service is financed, we are faced with the situation where the documentation is fast becoming more critical than providing the advice and level of service that I would like to provide the clients with. Why is everything so wrapped up in paperwork these days? Twenty years ago, we were promised that computers would "do away" with paperwork; instead of which it has multiplied 100-fold - "stop the world - I want to get off!"
Best wishes to all you retirees out there,
Paul

Hi Mal!!
A kindred spirit! Clearly, teaching suffers in the same way that FE suffers!
Have you noticed how people, former colleagues especially, say something along the lines of "My! you're looking well!" ???????
Enjoy your well-earned retirement, it is just such a shame that the education system has lost your skills, talents and experience, but that is their problem now - not yours!
All best wishes
Paul

Yet another one here!. I agree Mal, when in the classroom with the children, doing what we were paid to do i.e. TEACHING! it was great, loved it. But when the paperwork, extra staff meetings, political correctness,etc. became more important I knew it was time to go (at 56) Haven't regretted it for a minute.

Issy